Wars, Debt and Outsourcing
The World is Uniting Against the Bush Imperium

April 25, 2006
By PAUL CRAIG ROBERTS

Is the United States a superpower? I think not. Consider these facts:

The financial position of the US has declined dramatically. The US is heavily indebted, both government and consumers. The US trade deficit both in absolute size and as a percentage of GDP is unprecedented, reaching more than $800 billion in 2005 and accumulating to $4.5 trillion since 1990. With US job growth falling behind population growth and with no growth in consumer real incomes, the US economy is driven by expanding consumer debt. Saving rates are low or negative.